Publications

Our IFRS publications address the following commonly asked questions: What are the requirements of IFRS? What does changing to IFRS involve? How does IFRS compare to other accounting frameworks? What do IFRS financial statements look like? Where can I get advice on applying and interpreting IFRS?

See our publications below for answers to these and other IFRS implementation questions.

For a printable overview of available publications, please view this PDF.

Browse PwC's IFRS publications

We also publish a number of more detailed corporate governance publications that are particularly suitable for users in the US and companies that may have to satisfy the requirements of the US capital markets.

PwC's 'Manual of accounting' is a comprehensive global guide to IFRS. It features explanations of how to prepare financial statements in accordance with IFRS; practical worked examples and extracts from company reports; model IFRS financial statements, which help to illustrate the explanations; and insights from over 100 members of our Global Accounting Consulting Services authoring team.

IFRS news highlights the latest developments at the IASB. We provide practical guidance on how new standards/interpretations or changes to existing requirements will affect your company. Typical content includes:

IFRS quarterly updates' outline the IFRS reporting requirements for a particular year-end. They highlight the topical issues to consider (including new issues added since previous versions); the standards that apply at this date; and the standards are published but effective at later dates and so need to be disclosed.

PwC keeps you up to date with the latest developments from the IASB with our series 'Straight away'. This two-page guidance, issued shortly after the release of a draft or final standard/interpretation, explains the key points and answers the questions:

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Recent months have been marked by increased volatility in global markets. This economic environment could lead to revised budgets and forecasts with an expectation of lower cash flows from existing non-financial assets. The amount of headroom in impairment tests is therefore likely to diminish. This In depth provides a more detailed look at 5 key areas to focus on when completing your impairment review for non-financial assets.

IFRS 13 expanded the guidance on assessing fair value measurements within the three levels of the fair value hierarchy. As a result, the classification as Level 1, Level 2 or Level 3 became required for non-financial assets and liabilities measured at fair value and disclosures of fair values in the notes to the financial statements. This publication sets out our views on some of the key considerations in determining the appropriate classification of fair value measurements.

IFRS 11 seems to have given rise to a record number of issues for the IFRS Interpretations Committee (IC) even before its widespread adoption.The IC published tentative agenda decisions on a number of these issues in November 2014 These might provide some additional clarity on the application of the standard, particularly the ‘facts and circumstances’ around classification as a joint operation. This In depth summarises the tentative conclusions reached by the IC and the practical implications. The conclusions are not expected to result in a significant change in how the standard is applied.

Currency exchange legislation in Venezuela was amended in February 2015 to create a new system(known as SIMADI), which permits foreign exchange barter and cash transactions. SIMADI allows both individuals and entities to buy and sell foreign currency with fewer restrictions than other systems in Venezuela. In brief 2015-04 discusses the detail.

The February 2015 edition of IFRS News covers: Financial volatility: Accounting implications; Revenue TRG: January meeting; IFRS in the EU: A good idea?; Cannon Street Press (Disclosure initiative; Employee benefits); and Questions and answers:‘W’ for Written options.

Many companies are now considering IFRS 9, the new accounting standard on financial instruments. IFRS 9 addresses all the relevant aspects on the accounting for financial instruments, including classification and measurement, impairment of financial assets and general hedge accounting. This publication presents a number of frequently asked questions and focuses on just one topic in IFRS 9: general hedge accounting.

Globally, the extractive industries (oil & gas, mining and metals) have suffered a lack of investor confidence, multi-billion dollar write downs, poor returns, volatile commodity prices and escalating operating costs. Compounding this challenge, the typical sources of funding might be more difficult to find, particularly in times when the equity or debt markets are not welcoming. Companies continue to look to alternative sources of finance and creative deal structures for growth and funding. This In depth helps identify the key features of the deal and how those features impact the accounting.

Pharmaceutical, biotech, medical device and other life sciences companies frequently deal with the highly judgmental and complicated area of determining whether an acquisition, investment or license should be accounted for as a business combination or an asset acquisition. This distinction matters as the accounting for a business combination varies significantly from the accounting for an asset acquisition, particularly in the pharmaceutical and life sciences industry. This In depth discusses the issue and some illustrative examples.

IFRS 9 introduces significant additional disclosure requirements relating to credit risk and expected credit loss allowances. Understanding the data and systems needed to meet these new requirements will be critical to ensuring the completeness of IFRS 9 project scopes, thereby avoiding revisions later in the project that could be costly and jeopardise project timings. Considering these disclosure requirements as part of the broader consideration of internal management reporting and investor communications will also likely deliver significant benefits. This ‘In depth’ sets out key considerations and what they will mean in practice.

Venezuela is a hyper-inflationary economy and the government maintains a regime of strict currency controls. Multinational companies are facing significant difficulty in repatriating earnings from Venezuelan subsidiaries. In brief INT2015-03 discusses the issue.

Recent months have been marked by increased volatility in global markets. This environment could lead to revised budgets and forecasts with an expectation of lower cashflows from existing non-financial assets. This In brief highlights the top 5 tips to focus on when completing your impairment review for non-financial assets.

Contingent consideration arrangements in acquisitions and disposals are common within the pharmaceutical and life sciences industry as they can be a convenient way of validating a company’s value as well as sharing economic risk between the buyer and the seller. In the industry, many acquisitions and disposals involve compounds or devices that have not yet received regulatory approval, which inherently increases the risk that the degree of commercial success of what is acquired or sold may not be known at the date of acquisition. The focus of this In brief is to discuss the accounting for contingent consideration from the seller’s perspective as this is an area where IFRS and US GAAP are not aligned.

IFRS 10 and IFRS 12 were issued in May 2011. Any new standard presents challenges and questions when preparers of financial statements start implementation. IFRS 10 retains the key principle of IAS 27 and SIC 12: all entities that are controlled by a parent are consolidated. However, some of the detailed guidance is new and may result in changes in the scope of consolidation for some parent companies. Experience suggests that the new requirements will have the greatest impact on consolidation decisions for structured entities (or ‘special purpose entities’) and for pooled funds managed by a third party. This In depth sets out our views on some of the most common issues that arise during the implementation of the new standards.

This publication provides an illustrative set of consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for a fictional investment property group (IP Group). The group prepares its consolidated financial statements in accordance with IFRS as issued by the IASB and is based on standards and interpretations for the financial year beginning on 1 January 2014.

Paragraph 4 of IAS 29 states that it is preferable for all entities that report in the currency of the same hyperinflationary economy to apply IAS 29 from the same date. We have listed below those countries that meet the criteria in IAS 29 to be classified as hyperinflationary at 31 December 2014.

In this publication we look at how a sample of European real estate companies have responded to IFRS 13 disclosure requirements in relation to investment properties, specifically, the quantitative information disclosed about significant unobservable inputs used in fair value measurement and the sensitivity of the fair value measurement to significant changes in those unobservable inputs.

Offsetting is a complex area of accounting, where understanding of the operational and contractual arrangements that an investment fund enters into is key to arriving at the appropriate accounting conclusion. A previous ‘in depth’ was issued in July 2014 entitled ‘offsetting financial instruments for financial institutions’. This ‘In depth’ sets out our views on the main questions we are seeing in practice specifically for investment funds

This publication contains a number of questions and answers on the application of the investment entities amendment on the exception to consolidation and assists the management of real estate structures in assessing whether an entity or entities within those structures meet the criteria of an investment entity.

The global version of the IFRS disclosure checklist 2014 has been updated to outline the disclosures required for December 2014 year ends. It also contains a section (Section H) which provides the disclosures required of entities that early-adopt IFRSs effective for annual periods beginning after 1 January 2014.

This publication is based on the requirements of IFRS standards and interpretations for the financial year beginning on 1 January 2014. The new standards and amendments effective for annual periods beginning on 1 January 2014 which are relevant to investment funds include; Amendments to IAS 32, ‘Offsetting financial assets and financial liabilities and Amendments to IFRS 10, IFRS 12 and IAS 27, ‘Investment entities’. The guidance and illustrative disclosure on these amendments are contained in either the main body of the financial statements or an attached appendix and are largely consistent with our 2013 publication.

The European Commission (EC) has announced an investigation into whether certain income tax legislation and rulings of European Union (EU) member states constitute unlawful ‘state aid’. State aid is an EC term that refers to forms of public assistance given to entities on a selective basis that has the potential to distort competition and affect trade. These developments and similar investigations of other jurisdictions might require consideration in the context of uncertain income tax positions. In brief INT 2014-15 looks at the details.

R&D funding arrangements between pharmaceutical companies and financial investors are often very complex and can last for many years over the different phases of a product’s life cycle - all the way from an early stage development project through to a marketed product. Differing levels of risk and reward may be transferred between parties depending on the stage in a product’s life cycle that an agreement is signed. When negotiating these arrangements, Pharma and financial investors often have competing priorities. This publication looks at the details.

This publication provides an illustrative set of consolidated financial statements, prepared in accordance with IFRS, for a fictional manufacturing, wholesale and retail group (IFRS GAAP plc). IFRS GAAP plc is an existing preparer of IFRS consolidated financial statements. This publication is based on the requirements of IFRS standards and interpretations for financial years beginning on or after 1 January 2014. Areas in which presentation has changed significantly since 2013 are highlighted. Significant changes include disclosures of the offsetting of financial assets and liabilities under IFRS 7 and enhanced impairment disclosures under IAS 36.

Our IFRS pocket guide 2014 provides a summary of the recognition and measurement requirements of International Financial Reporting Standards published up to August 2014. This quick-reference guide is intended for a variety of audiences, including finance directors, financial controllers and other members of the finance team, as well as broader management, actuaries, lawyers, merchant bankers and analysts.

This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2014 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2014. Preparers should check for IASB pronouncements made after 1 March that may apply to their interim financial statements.

This publication is designed to alert companies to the major differences between IFRS and US GAAP as they exist today and to the timing and scope of accounting changes that the boards’ standard setting agendas will bring.

is publication is prepared by PricewaterhouseCoopers Japan for those who wish to gain a broad understanding of the key similarities and differences among IFRS and Japan GAAP. This is an English translation of the original Japanese version.

In May 2013, the IASB issued IFRIC 21 'Levies' which clarifies the existing guidance in IAS 37 'Provisions, contingent liabilities and contingent assets' for recognising an obligation to pay a levy that is not income tax. The interpretation could result in recognition of a liability later than previously, particularly in connection with levies that are triggered by circumstances on a specific date.

New US regulation accelerates recognition of the annual fee on sales of branded prescription drugs in Q3, resulting in a double-hit to income in 2014 for many pharmaceutical manufacturers and importers.

The September 2014 IFRS quarterly update is a publication that outlines the IFRS reporting requirements as at 30 September 2014. It the standards that apply at this date; and the standards are published but effective at later dates and hence required to be disclosed plus a summary of the latest topical issues.

IFRS 7 has been amended several times with the clear intention to improve the disclosure requirements about financial instruments. The latest two amendments relate to transfers of financial assets and offsetting assets and financial liabilities. Furthermore, some disclosure requirements previously included in IFRS have been transferred to IFRS 13. In depth INT2014-01 (formerly practical guide) looks at the changes.

Measurement of a joint operation (JO) is largely unaddressed in IFRS 11, ‘Joint arrangements’, and as such, some diversity in practice has developed. In depth INT2014-08 walks through some common JO measurement issues, discussing the measurement approach(es) observed under this guidance. It also covers the recent amendment to IFRS 11 which requires the application of IFRS 3 to transactions where an investor obtains an interest in a JO that constitutes a business. The guidance is mandatory from January 2016, prior to which a policy choice is available and must be applied consistently for each arrangement.

These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognised when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.The amendments will be effective from annual periods commencing on or after 1 January 2016 subject to EU endorsement.

On 24 July 2014 the IASB published the complete version of IFRS 9, ‘Financial instruments’, which replaces most of the guidance in IAS 39. This includes amended guidance for the classification and measurement of financial assets by introducing a fair value through other comprehensive income category for certain debt instruments. It also contains a new impairment model which will result in earlier recognition of losses. In depth INT2014-06 (considers the new impairment model. Further details on the changes to classification and measurement of financial assets are included in our In Depth 'IFRS 9: Classification and measurement'. The general hedging model is covered in the 'General hedge accounting Practical guide'.

On 24 July 2014 the IASB published the complete version of IFRS 9 Financial Instruments, which replaces most of the guidance in IAS 39. This includes amended guidance for the classification and measurement of financial assets by introducing a fair value through other comprehensive income category for certain debt instruments. It also contains a new impairment model which will result in earlier recognition of losses.

This guide describes the accounting under IFRS 15, Revenue from contracts with customers, the converged IFRS and US GAAP revenue standard issued in May 2014. This guide is to assist in understanding and evaluating the accounting for revenue transactions under the new standard.

The IAS 32 offsetting amendment, as well as regulatory changes impacting a number of jurisdictions, has prompted many financial institutions to reassess when they offset financial instruments for accounting purposes. Offsetting is a complex area of accounting, where understanding the operational and contractual arrangements is key to arriving at the right accounting conclusion. The recent reassessments have highlighted the extent of these complexities. In depth INT2014-03 sets out our views on the main questions we are seeing in practice.

The IASB has published the complete version of IFRS 9, 'Financial Instruments', which replaces the guidance in IAS 39. This final version includes requirements on the classification and measurement of financial assets and liabilities; it also includes an expected credit losses model that replaces the incurred loss impairment model used today. The new standard is effective 1 January 2018, subject to EU endorsement with early application permitted.

The IASB and FASB joint transition resource group met for the first time last week to look at potential implementation issues relating to the new revenue standard. In this blog, Andrea Allocco, Global Accounting Consulting Services director, considers the group's first discussions.

In this blog John Hitchins discusses the recent B20 report and the need to increase global investment in long term projects such as infrastructure. The reports looks into the use of fair value in IFRS and strongly argues that tinkering with IFRS would not help but instead what is needed are initiatives that give a better explanation of long term business models.

The IAS 32 offsetting amendment, as well as regulatory changes impacting a number of jurisdictions, has prompted many financial institutions to reassess when they offset financial instruments for accounting purposes. Offsetting is a complex area of accounting, where understanding the operational and contractual arrangements is key to arriving at the right accounting conclusion. The recent reassessments have highlighted the extent of these complexities. In depth INT2014-03 sets out our views on the main questions we are seeing in practice.

This publication relates to reporting requirements as at 30 June 2014. It includes the new standards, interpretations and other guidance that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters, plus a summary of the latest topical issues.

In this blog, PwC's global chief accountant John Hitchins discusses IFRS 11, the IFRS Interpretations Committee's agenda decisions over that past year and what course of action they could take for the future of the standard.

The IASB has published an exposure draft (‘ED’) of amendments to IFRS 10 and IAS 28 following discussions on the application of the consolidation exception. The proposals will affect intermediate parent entities which are subsidiaries of investment entities and non-investment entity investors in associates and joint ventures which are investment entities. Straight away 142 looks at the details.

In depth INT2014-02 summarises the new revenue recognition model. The boards have established a joint Transition Resource Group (TRG) to aid entities transitioning to the new standard. We encourage entities to use this document as a guideline and monitor developments discussed by the TRG and the boards during the transition period.

The IASB and FASB have jointly issued a converged standard on the recognition of revenue from contracts with customers. The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. Companies using IFRS will be required to apply the revenue standard for reporting periods beginning on or after 1 January 2017, subject to EU endorsement. and public companies using US GAAP will be required to apply it for annual reporting periods beginning after 15 December 2016 (including interim reporting periods therein). This In brief looks at the details.

This IFRS interim reporting disclosure checklist outlines the minimum disclosures required by IAS 34, ‘Interim financial reporting’, and other IFRSs published by the IASB up to and including March 2014 insofar as they affect interim reports.

IFRS 7 has been amended several times with the clear intention to improve the disclosure requirements about financial instruments. The latest two amendments relate to transfers of financial assets and offsetting assets and financial liabilities. Furthermore, some disclosure requirements previously included in IFRS have been transferred to IFRS 13. In depth INT2014-01 (formerly practical guide) looks at the changes.

The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The IASB has also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. The amendment is effective accounting periods starting on or after 1 January 2016, subject to EU endorsement. This In brief looks at the details.

The IASB has amended IFRS 11, 'Joint arrangements', to provide specific guidance on accounting for the acquisition of an interest in a joint operation that is a business. This In brief looks at the details.

In this blog, John Hitchins discusses why the IASB has finally taken the first step in the last phase of the project to replace IFRS financial instruments guidance. The deadline to respond to the IASB's discussion paper is 17 October 2014.

The IASB has published a discussion paper exploring an approach to better reflect entities’ dynamic risk management activities in their financial statements, otherwise known as macro hedging. This Straight away looks at the details.

Exchange rate legislation in Venezuela was amended in March 2014 to create a new mechanism (SICAD II), which permits foreign exchange barter transactions in the private sector. This In brief looks at the details.

This publication relates to reporting requirements as at 31 March 2014. It includes the new standards, interpretations and other guidance that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

The IASB has issued an exposure draft on the proposed amendments to IAS 1, 'Presentation of financial statements'. The proposal results from one of several short-term projects under the IASB's disclosure initiative. Comments are due by 23 July 2014. This Straight away looks at the details.

In his latest blog John Hitchins discusses the IASB/FASB's redeliberations of the leasing project in March. The IASB decided to pursue a single approach for all leases whereas the FASB favoured a dual approach. Neither board showed any appetite to move away from the current (IAS 17) lessor model.

This publication outlines the new IFRS standards and interpretations that come into effect for 2014 year ends. Four amended standards and one new interpretation are mandatory for entities outside the EU for 2014 year ends. Within the EU, IFRSs 10, 11 and 12 and related amendments also become mandatory for 2014 year ends. A number of other revisions including the annual improvements for 2012 and 2013 are effective from 1 July 2014 although can be adopted early.

Guest blogger Peter Hogarth discusses presenting financial performance. He discusses how entities should present their financial statements to ensure that they are not misleading to the reader. The IASB's disclosure initiative project has started to look as possible ways to address the issue under IFRS. The regulators continue to focus on how entities present their results.

In his latest blog, John Hitchins discusses the 'non-viability' instruments that are trending in the financial services sector and IAS 32's inability to deal adequately with increasingly complex capital instruments.

In his blog, John Hitchins discusses IFRIC 21, the recent effective date of 1 January 2014 and why it might be catching people off guard. The reason may be that the interpretation captures a number of different obligations imposed by governments – some of which are not described as a ‘levy’. IFRIC 21 is an interpretation of IAS 37, so similar principles apply to other obligations in the scope of IAS 37.

In this issue: The IASB discussed the implications of research on the users of financial statements performed by the European Financial Reporting Advisory Group (EFRAG) and the Institute of Chartered Accountants of Scotland (ICAS).

In his latest blog John Hitchins discusses the new hedge accounting requirements in IFRS 9. Their application is not going to be straightforward and may not be praised by entities when they assess the practical implications. The new guidance is an improvement however, lots of complex judgments will require some carefully thought through disclosures.

The Practical guide to IFRS on IAS 19 revised has been updated to reflect the 'Amendments to IAS 19 regarding defined benefit plans', issued in November 2013 regarding contributions from employees or third parties to defined benefit plans.

Discount rates are a continuing subject for discussion and are a hot topic with the standard setter. The IFRS Interpretation Committee ('IC') has discussed the IAS 19 discount rate at six out of their last seven meetings. John Hitchins' blog considers the impact of continuing low bond yields and that it is the currency not the country that is important in determining the rate to be used.

The IASB published the third phase of IFRS 9 which addresses general hedge accounting in November 2013. IFRS 9 better aligns hedge accounting with the risk management activities of an entity and provides more flexibility (as compared to IAS 39), therefore, it might allow companies to apply hedge accounting where previously they would not have been able to. The IFRS 9 mandatory effective date has been temporarily removed and therefore entities currently have different alternatives to early adopt this standard. This Practical guide explains the scope of IFRS 9 and the main changes it introduces to hedge accounting as compared to IAS 39.

This publication addresses the questions that are arising in applying the amendment IAS 32 and IAS 1, 'Puttable financial instruments and obligations arising in liquidation'. Although the amendment also applies to certain instruments with obligations arising on liquidation, this 12-page practical guide focuses on puttable instruments. Investment funds that classify amounts attributable to unit holders as liabilities under the previous IAS 32 should look to the amendment in IAS 32 to evaluate whether the fund is required to reclassify such amounts in equity.

This publication relates to reporting requirements as at 31 December 2013. It includes the new standards, interpretations and other guidance that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

This publication is based on the requirements of IFRS standards and interpretations for the financial year beginning on 1 January 2013, with early adoption in 2013 of Amendments to IAS 32, ‘Offsetting financial assets and financial liabilities’, which is not effective until annual periods beginning on or after 1 January 2014. There are several new standards and amendments effective for annual periods beginning on or after 1 January 2013, which are relevant to investment funds, that have been included in these illustratives.

This publication provides an illustrative set of consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for a fictional investment property group (IP Group). The Group prepares its consolidated financial statements in accordance with IFRS as issued by the IASB and is based on standards and interpretations for the financial year beginning on 1 January 2013.

This Practical guide shows the additional disclosure requirements as a consequence of IFRS 13, 'Fair value measurement'. IFRS 13 requires fair value disclosure for both financial and non-financial items regardless of whether those items are measured at fair value on a recurring or non-recurring basis. A number of standards already set out disclosure requirements for fair value measurement. This guide is divided by those existing requirements in each standard showing where IFRS 13 has enhanced or changed the fair value disclosure requirements. It does not include all disclosure requirements in individual standards.

The impact of the increasing pace of change in mobile communication technology has been graphically illustrated this year in the travails of Blackberry and Nokia’s decisions to exit the mobile handset business. Rapid loss of business value always raises questions about the relevance of the current financial reporting model.

The calculation of deferred tax can be one of the most complex areas of accounting in a business combination. The acquirer should recognise and measure deferred tax in accordance with IAS 12. This Practical guide sets out five steps to help account for deferred tax as part of a business combination. It also looks at the details of deferred tax on goodwill and the outside basis difference.

In 2002 the IASB and FASB signed up to the goal of accounting convergence as part of the Norwalk Agreement. Initially we saw commitment from both sides as they went full steam ahead to align existing standards and issue new standards where required. More recently things appear to have slowed – dates missed and exposures re-exposed.

This document compares the differences between Dutch GAAP and International Financial Reporting Standards to encourage early consideration of what IFRS means to the entity. This publication is applicable for financial statements for the annual periods beginning or after 1 January 2013.

The global version of the 'IFRS disclosure checklist 2013' has been updated to outline the disclosures required for December 2013 year ends. It also contains a section (Section H) which provides the disclosures required of entities that early-adopt IFRSs effective for annual periods beginning after 1 January 2013.

One thing that everyone seems to agree on following the Financial Crisis is that the incurred loss impairment model is past its sell by date and needs to be replaced by an expected loss model. Unfortunately this consensus starts to disappear when the next question – what do you mean by an expected loss model? – is asked.

Long, excessive, overwhelming, verbose, boilerplate, repetitive – these are the one-word descriptions used by preparers to sum up their financial statements, during a poll at our Meet the Experts conference. Our global IFRS event, which I attended this week, revealed growing concern among preparers, regulators and investors over the increasing length of companies’ annual reports.

IFRS 10 and IFRS 12 were issued in May 2011. Any new standard presents challenges and questions when preparers of financial statements start implementation. This practical guide sets out our views on some of the most common issues that arise during the implementation of the new standards. It is an update to – and therefore replaces – the October 2012 edition.

The IASB and FASB met last week for what is likely to be the final joint board meeting on their revenue project. There were three issues on the agenda – variable consideration, licences and collectability – all of which have attracted significant controversy over the project’s life and particularly during the last few months.

It’s approaching that time of year again when the annual goodwill impairment test comes around. This calendar year end is the first when IFRS 13, 'Fair value measurement', applies to impairment tests using fair value rather than value in use. But will it make any difference?

This publication is prepared by PricewaterhouseCoopers Japan for those who wish to gain a broad understanding of the key similarities and differences among IFRS and Japan GAAP. This is an English translation of the original Japanese version.

The date for the 2014 Meet the Experts conference has been set. The one-day event for CFOs, finance directors and senior finance managers will take place at the Lancaster London Hotel on Monday 10 November 2014.

This publication is designed to alert companies to the major differences between IFRS and US GAAP as they currently exist and to the timing and scope of accounting changes that the boards’ standard setting agendas will bring. It is also designed to put into context how convergence with IFRS has ramifications far beyond the accounting department.

The EU’s decision to adopt compulsory use of IFRS for consolidated financial statements of listed entities was a breakthrough moment in the development of a common accounting language for entities that operate globally. But has the EU’s leadership position faded with time?

IFRIC 20 sets out the accounting for overburden waste removal costs or production stripping costs during the production phase of a mine. The interpretation applies for annual periods beginning on or after 1 January 2013. This Practical guide explains the scope of the interpretation and the practical application.

You’ll recall that in May this year, after more than two years of re-deliberations, the IASB and FASB issued a revised exposure draft (ED) on lease accounting. The diverse initial feedback seems to suggest that the proposals may not deliver what many are looking for. If that’s true, has the case for change been made?

My title might seem like a contradiction in terms to many of you, but that’s the problem. Only insurers have been engaged in the sixteen year old IASB project on insurance accounting yet the proposals could have an impact outside the insurance industry, especially for service contracts..

A new, comprehensive accounting standard is set to change the way many companies recognize revenue in their financial statements, and that could reverberate through myriad systems and processes in significant ways. Many companies do not yet realize the degree of change the new standard will usher in, nor how it could affect many industries in unexpected ways, according to PwC and Wharton.

Are concepts enough for financial reporting? Or should we try and re-focus financial reporting on utility as well? The fundamental purpose of financial reporting is to capture the creation of wealth in the past and to help users to predict cash flows (or the creation of wealth in the future). It should also allow users to compare the performance and prospects of different companies.

PwC's publication will help you develop a broad understanding of the major differences between IFRS and US GAAP. It also contains insight on recent and proposed guidance, including developments pertaining to the overall convergence agenda.

This publication relates to reporting requirements as at 30 September 2013. It includes the new standards, interpretations and other guidance that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

IFRS 12, 'Disclosure of interests in other entities', is applicable for annual reporting periods beginning on or after 1 January 2013, EU endorsed for annual periods beginning 1 January 2014. This practical guide highlights the key disclosure requirements and provides example disclosures.

This publication provides a high-level overview of the significant differences between current (or ‘old’) UK GAAP, new UK GAAP (which, for the purposes of this publication, means FRS 102, ‘The financial reporting standard applicable in the UK and Republic of Ireland’) and EU-adopted IFRS (‘IFRS’). It focuses on a selection of those differences most commonly found in practice.

In June 2013, the IASB published a revised exposure draft (ED) on the accounting for insurance contracts reflecting its response to the comments received on the 2010 ED. The comprehensive proposals will fundamentally change the accounting by insurers and other entities that issue insurance contracts. The IASB has attempted to address the concerns of constituents regarding the perceived ‘artificial’ volatility caused by the proposals in the previous ED, but these changes add complexity. The proposed standard will replace IFRS 4, which currently permits a wide variety of accounting practices for insurance contracts. This practical guide summarises the key proposals and their implications.

In May 2013, the IASB and the FASB issued a revised exposure draft (ED) of a standard for leases.The ED seeks to address the criticisms of the 2010 ED but continues to bring all leases on-balance sheet, unless they are short-term (less than 12 months). The most significant change for lessees since the previous ED is the proposal for a dual model approach to expense recognition. Lessors are also impacted by the proposals with a new 'receivable and residual' approach. This practical guide summarises the key proposals for lessees and lessors, and their implications.

This publication relates to reporting requirements as at 30 June 2013. It highlights the topical issues to consider (including new issues added since previous versions); the new standards and interpretations that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

The preparation of combined financial statements is a challenging process that can require the exercise of considerable judgement. Each transaction is different and each set of combined financial statements will present unique challenges. The nature of the transaction, the boundary of the reporting entity, the quality of the accounting records, the past practices and policies of the parent and the views of the relevant regulator are all very important. This practical guide sets out the questions and describes some of the common practices that are followed in preparing combined financial statements under IFRS.

This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2013 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2013. Preparers should check for IASB pronouncements made after 1 March that may apply to their interim financial statements.

This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2013 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2013. Preparers should check for IASB pronouncements made after 1 March that may apply to their interim financial statements.

This interim reporting disclosure checklist outlines the minimum disclosures required by IAS 34, 'Interim financial reporting’. The checklist has been updated to include the disclosure requirements that relate to the standards that are effective from 1 January 2013.

The 'Essential guide to international accounting - IFRS summaries' (previous edition named 'Executive guide to IFRS - Topic summaries 2010') is a compendium of PwC’s IFRS topic summaries. The summaries include key information on each of the major accounting topic areas, presented in alphabetical order.

Both the FASB and IASB have published their proposals on the recognition and measurement of expected credit losses for financial instruments. The good news is that they are available for comment – we all see this as a step forward. But there is bad news as well. The proposals are not only different, but arguably both depart from the underlying economics in favour of operational shortcuts.

In March 2013, the IASB issued an exposure draft, ‘Financial instruments: Expected credit losses’. The ED outlines an expected loss model that will replace the current incurred loss model of IAS 39, ‘Financial instruments: Recognition and measurement’. It seeks to address the criticisms of the incurred loss model and, in particular, that it caused impairment losses to be recognised ‘too little and too late’. Under the proposals impairment losses are expected to be larger and to be recognised earlier. The comment deadline is 5 July 2013. A practical guide summarises the key proposals and their implications.

This publication relates to reporting requirements as at 31 March 2013. It highlights the topical issues to consider (including new issues added since previous versions); the new standards and interpretations that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

The IASB and the FASB substantively concluded redeliberations of their joint 2011 exposure draft, ‘Revenue from contracts with customers’, in February 2013. The boards reached decisions on the remaining key issues including disclosures, transition, and effective date at their most recent meetings. Details of these decisions, as well a a comprehensive look at the model the end of the key redeliberations, are included in this practical guide.

This publication outlines the new IFRS standards and interpretations that come into effect for 2013 year ends. Ten new and revised standards and one new interpretation are now mandatory for entities outside the EU. Within the EU, most of the new and revised standards are effective from 1 January 2014 although can be adopted early.

In this issue: The disclosure problem: IASB takes on the challenge; Improving IFRS – A point of view: Ten concrete measures for improving IFRS; Profile: Mary Tokar; IFRS 10 and 11: Are you affected?; Cannon street press; Questions and answers: ‘D’ for disclosures of interests in other entities.

There’s a remarkable consensus in the IFRS world that we have a problem with disclosure. There’s a problem with the problem, though, as was very evident from the IASB Disclosure Forum at the end of January: there is no consensus on what the problem is.

PwC keeps you up to date with the latest developments from the IASB with our series 'Straight away'. This two-page guidance, issued shortly after the release of a draft or final standard/interpretation, explains the key points and answers the questions:

The FASB and IASB (the ‘boards’) met in November and December 2012 to continue redeliberating their joint revenue recognition project. This practical guide summarises the boards' redeliberations and tentative decisions made since October 2012 as well as the potential implications for certain industries. These decisions are tentative and subject to change until a final standard is issued. The appendix to this practical guide summarises the boards' tentative decisions to date since July 2012 and compares them to the 2011 exposure draft.

Investors tell us that assessing return on capital employed is often a crucial part of their analysis of company performance and stewardship. In this ‘Investor view’, we look at some improvements to disclosures that could help investors and benefit companies.

Investors tell us that assessing return on capital employed is often a crucial part of their analysis of company performance and stewardship. In this ‘Investor view’, we look at some improvements to disclosures that could help investors and benefit companies.

PwC's 'Manual of accounting' is a comprehensive global guide to IFRS. It features explanations of how to prepare financial statements in accordance with IFRS; practical worked examples and extracts from company reports; model IFRS financial statements, which help to illustrate the explanations; and insights from over 100 members of our Global Accounting Consulting Services authoring team.

The December 2012/January 2013 edition of IFRS news covers the following: Making headway on financial instruments; Boards make progress on revenue; IAS 19 and discount rates; Impairment of non-financial assets; Cannon Street press and Questions and answers.

In November 2012, the IASB published an exposure draft proposing limited amendments to IFRS 9 ‘Financial Instruments (2010)’. This practical guide summarises the key proposals and their implications as compared to the financial instruments classification and measurement model that exists in IFRS 9 today.

In November 2012, the IASB published an exposure draft proposing limited amendments to IFRS 9 ‘Financial Instruments (2010)’. This practical guide summarises the key proposals and their implications as compared to the financial instruments classification and measurement model that exists in IFRS 9 today.

A publication that outlines the IFRS reporting requirements as at 31 December 2012. It highlights the topical issues to consider (including new issues added since previous versions); the new standards and interpretations that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

IFRS quarterly updates' outline the IFRS reporting requirements for a particular year-end. They highlight the topical issues to consider (including new issues added since previous versions); the standards that apply at this date; and the standards are published but effective at later dates and so need to be disclosed.

IFRS news highlights the latest developments at the IASB. We provide practical guidance on how new standards/interpretations or changes to existing requirements will affect your company. Typical content includes:

This publication is based on the requirements of IFRS standards and interpretations for the financial year beginning on 1 January 2012, with early adoption in 2012 of IFRS 13, ‘Fair value measurement’, which is not effective until annual periods beginning on or after 1 January 2013.

This publication provides an illustrative set of consolidated financial statements for a fictional investment property group, based on the requirements of IFRS standards and interpretations for financial years beginning on or after 1 January 2012. The group prepares its consolidated financial statements in accordance with IFRS as issued by the IASB (that is, it does not prepare the consolidated financial statements in accordance with IFRS as adopted by the European Union). It is not a first-time adopter of IFRS.

The IASB and FASB met in September and October 2012 to continue redeliberating their joint revenue recognition project. They reached tentative decisions on: the constraint for recognising variable consideration; certain issues related to collectibility; time value of money; distributor and reseller arrangements; contract modifications; and measuring progress toward satisfying a performance obligation.This practical guide summarises the boards’ redeliberations and tentative decisions made at the September and October meetings and the implications for certain industries.

The classification of joint activities under IAS 31 seldom created any controversy or even much in the way of discussion. But IFRS 11 has changed all that, and there will be instances where significant analysis and the exercise of judgement is required. This practical guide takes you through the key aspects of classifying a joint arrangement under IFRS 11.

The update to this year's comparison of IFRS and US GAAP: Similarities and differences includes: Revised introduction reflecting the current status, likely next steps, and what companies should be doing now; ore current analysis of the differences between IFRS and US GAAP – including an assessment of the impact embodied within the differences; and details incorporating authoritative standards and interpretive guidance issued as at September 1, 2012. Readers will gain an understanding of these issues and what their next steps should be to ensure their organisations effectively address current and future IFRS-related changes.

IFRS 10 and IFRS 12 were issued in May 2011. Some of the detailed guidance is new and may result in changes in the scope of consolidation for some parent companies. This publication sets out our views on some of the most common issues that arise during the implementation of the new standards.

The 'IFRS disclosure checklist 2012' is designed to facilitate the collection and review of disclosures for each component of the IFRS financial statements. It has been updated to outline the disclosures required for December 2012 year ends.

PwC’s publication ‘Assurance today and tomorrow’ shares the views of investment professionals on the value of audit today and their practical suggestions for management, audit committees and auditors on how assurance might evolve in the future. This 'investor view' looks at some of the key findings.

A publication that outlines the IFRS reporting requirements as at 30 September 2012. It highlights the topical issues to consider (including new issues added since previous versions); the new standards and interpretations that apply at this date; and the new IFRS standards that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

We're looking for your feedback on our range of PwC global IFRS publications and websites. We'd be grateful if you could complete a survey by following the link below. It should take around five minutes to complete. Your feedback will be used to improve and develop our global IFRS materials.

Analysts and investors in the banking sector have identified a number of areas where they are frustrated with current reporting of regulatory capital and liquidity . This ‘Investor view’ looks at some areas that banks might address.

IFRS has plenty of critics around the world. We know that the standards aren’t perfect, but much of the criticism that we hear is unfair and ill-informed. In this blog, John Hitchins hands over to Peter Holgate, who addresses questions around achieving an effective accounting framework and the criticisms of IFRS.

The financial statements of a fictional entity have been updated to illustrate the disclosure and presentation requirements of the IFRS standards and interpretations for financial years beginning on or after 1 January 2012. The entity is an existing preparer of IFRS financial statements. There are appendices for early adopters of IFRS 9, 'Financial instruments', IFRS 10, 'Consolidated financial statements', IFRS 11, 'Joint arrangements' IFRS 12, 'Disclosure of interests in other entities', IFRS 13 'Fair value measurement', IAS 19 (revised), ‘Employee benefits’ and IAS 1 (amendment), ‘Statement of profit or loss and other comprehensive income’ .

The Global Pharmaceutical & Life Sciences Industry Group has launched two documents updating its analysis of accounting issues the industry faces from an IFRS perspective. IFRS - issues and solutions for the pharmaceuticals and life Sciences industries - voilume III is principally written from a revenue recognition standpoint and considers how two parties should account for an agreement. Further updates for Vol. III will follow as the final standard on 'revenue from contracts with customers' is ready.

The Global Pharmaceutical & Life Sciences Industry Group has launched two documents updating its analysis of accounting issues the industry faces from an IFRS perspective. IFRS - issues and solutions for the pharmaceuticals and life Sciences industries - volumes I & II has been refreshed to incorporate new standards with an effective date after 2008, developments in the industry views, and new solutions on hot topics.

Analysts and investors tell us about a number of areas where they are frustrated with current corporate reporting around the uncertainty in the eurozone and suggest some improvements that could be made to annual report disclosures.

The EU is likely to endorse IFRSs 10, 11, 12 and IASs 27 and 28 (‘the standards’) for financial years starting on or after 1 January 2014, one year later than the mandatory adoption date required by the standards.

Accounting for rate-regulated activities continues to gain attention as new territories transition to or consider transition to IFRS. Many regulated entities have continued to question whether assets and liabilities arising from rate regulation should be recognised under IFRS. There are also concerns about potential diversity in practice due to the lack of specific guidance under IFRS.

In this edition, we look at the issues faced by utilities companies. We draw on our considerable experience of helping utilities companies apply IFRS effectively and we include a number of real-life examples to show how companies are responding to the various challenges along the value chain.

A publication that outlines the IFRS reporting requirements as at 30 June 2012. It highlights the topical issues to consider (including new issues added since previous versions); the standards that apply at this date; and the standards are published but effective at later dates and hence required to be disclosed.

This practical guide sets out a framework for an asset manager to use when interpreting IFRS 10 to determine whether control exists − in particular, the assessment of principal versus agent. It also includes our analysis of the illustrative examples from IFRS 10, and other factors that we believe may be useful to consider in practice.

This five-minute webcast looks at the themes emerging from responses to the 2011 exposure draft on revenue. Respondents were generally supportive but requested clarification on the identification of separate performance obligations and performance obligations satisfied over time; there were ongoing concerns about credit risk and the 'onerous' test; and respondents were divided over disclosures.

The FASB and IASB received approximately 360 comment letters in response to the updated exposure draft, issued in November 2011. This practical guide summarises the feedback generally and also addresses industry-specific concerns.

The June edition of IFRS news looks at: The latest discussions about the financial instruments project; Cannon Street Press - Progress with the various improvement projects; Cannon Street Press - Draft IFRIC on levies and on put options; New appointments at the IASB and IFRS IC; IFRS quiz: impairment of assets.

Investors often tell us they don’t necessarily want more information in financial statements but more useful information. They cite among their frustrations boilerplate accounting policies and a lack of useful commentary in the notes. This ‘Investor view’ looks at the investors’ concerns and simple ways entities can address them.

It would be great to have consistent application of a global set of accounting standards. But with a principles-based framework, we will still inevitably see some degree of diversity. PwC's global chief accountant, John Hitchins, suggests in his blog that good disclosure around significant uncertainties is the solution

This illustrative set of condensed interim financial statements reflects IFRSs in issue at 1 March 2012 that are required to be applied by an existing preparer of IFRS financial statements with an annual period beginning on or after 1 January 2012. It also appendices with example disclosures for first-time adopters and early adopters of IFRS 9, IFRS 11 and IFRS 13, and a disclosure checklist.

The comment period for the revenue recognition re-exposure ended last month, so this seems like a good moment to take a look at the progress of the IASB’s priority projects – revenue, leasing, financial instruments (all of these being convergence projects with the FASB) and insurance.

This publication is a practical guide to the new IFRS standards and interpretations that come into effect for 2012 year ends. The IASB is working on a number of significant projects that are likely to affect 2015 year ends, but there are relatively few amendments to standards for 2012 and a number of small changes coming from the annual improvements process. Eight new and revised standards are not yet mandatory but can be early adopted (yet to be endorsed for application in the EU).

Investors want to be able to forecast a business’ future cash flows. But they tell us that disclosures around foreign currency and hedging can make that task a challenge. In this ‘Investor view’, we look at what improvements to disclosure could benefit companies.

A publication that outlines the IFRS reporting requirements as at 31 March 2012. It highlights the topical issues to consider (including new issues added since previous versions); the standards that apply at this date; and the standards are published but effective at later dates and hence required to be disclosed.

This practical guide looks at some questions on how to apply the contingent consideration principles in IFRS 3, ‘Business combinations’. The examples illustrate the challenges and reflect the complexity that can arise.

PwC global chief accountant John Hitchins looks at the The IFRS Foundation's and the Monitoring Board’s strategy reviews of the Foundation’s governance. He welcomes the commitment to do more to promote consistency of IFRS interpretation across borders, wonders about the politics around appointing IASB members only from countries where IFRS is required for domestic use and expresses disappointment in the lack of a concrete proposal on the future funding of the IASB.

Investors from around the world have told us that entities can significantly improve their ability to access capital by making more voluntary disclosures on cash and debt. Investor view 20 outlines key areas that investors would like to see entities disclose and the frustrations they have with current reporting.

This alert sets out the key accounting issues that management should consider when assessing the impact of the current European economic environment on their accounting and reporting, with respect to financial assets and derivatives, non-financial assets, revenue recognition, provisions, employee benefits and financial statement disclosures.

Will we remember 2011 as a year of delays? Will the theme continue into 2012? We started 2011 with high hopes that the year would see the completion of the convergence agenda and that we would end it with a...

This publication provides an illustrative set of consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for Asfalia Insurance Group, a fictional multinational insurance group that conducts business in Euravia, the US and the UK.

This paper addresses some of the key treasury and financial reporting implications for both dealers and end-users. Treasury, risk management and financial reporting departments of entities with centrally-cleared or collateralised derivatives should assess the impact of the change to OIS discounting.

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) planned to reduce the relatively modest differences between their respective standards on income tax accounting as part of their original convergence agenda. However, the plan was ultimately abandoned, with the boards indicating that a comprehensive review would eventually need to be undertaken.

This publication relates to reporting requirements as at 31 December 2011. It highlights the topical issues to consider; the new standards and interpretations that apply at this date; and the new IFRS standards and IFRICs that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.

The IASB and FASB have finally released the much awaited new exposure draft on revenue. The boards have been generally responsive to feedback from the first exposure draft. Many of the changes will be welcomed by industry groups, users and...

Analysts and investors in the banking sector have identified a number of areas where they are frustrated with current corporate reporting and some improvements that could be made to disclosures in the annual report. This ‘Investor view’ looks at some areas that banks might address.

The IFRS disclosure checklist is designed to facilitate the collection and review of disclosures for each component of the IFRS financial statements. It has been updated to outline the disclosures required by all IFRS standards and interpretations for December 2011 year ends. It also includes a section highlighting the disclosures required of entities that early-adopt IFRSs effective for annual periods beginning after 1 July 2011.

These illustrative financial statements aim to help first-time adopters in their transition to IFRS. They were prepared by PwC in Canada for Canadian entities, whose first presentation of IFRS financial statements was for interim periods in 2011.

Analysts and investors in the Retail & Consumer sector have identified a number of improvements that could be made to disclosures in annual reports. In this edition, Mark Gill, PwC’s R&C leader in the UK, looks at how companies in the sector could answer these needs.

PwC's publication will help you develop a broad understanding of the major differences between IFRS and US GAAP. It also contains insight on recent and proposed guidance, including developments pertaining to the overall convergence agenda.

This publication relates to reporting requirements as at 30 September 2011. It highlights the topical issues to consider; the new standards and interpretations that apply at this date; and the new IFRS standards and IFRICs that are published but effective at later dates, and hence have to be disclosed by IFRS reporters.